Word: monday
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...with a double whammy. Western investors have pulled out of Arab markets to cover bad deals back home, at the same time that Western economic problems have pushed down the price of oil from its high of $145 a barrel in July to just under $100 a barrel on Monday. On Monday, Saudi Arabia's Tadawul exchange - the largest in the Arab world - dropped 6.5%, bringing this year's loss...
...First things first: AIG is still in business, and rushing to save itself. The game right now, in the wake of downgrades from credit-rating agencies, is raising tens of billions of dollars in fresh capital, an effort that was bolstered on Monday when the State of New York said it would let the firm use as much as $20 billion in capital from its subsidiary companies to cover its day-to-day operating needs. But if the company doesn't gain access to much more - it could need to raise as much as $75 billion - quickly, it might...
...along with losses in other investment portfolios, has cut deeply into the parent company's capital reserves. The credit-default-swap contracts decree that if AIG's credit rating drops below a certain level, it has to fork over $13 billion in collateral to the buyers of the swaps. Monday night, because of the losses at AIG FP and in AIG's investment portfolios, Moody's and S&P cut the company's ratings. After that, the consensus was that the company could survive only another...
...implementation of the new agreement and the gradual drawdown of U.S. troops from Iraq as they hand over control to Iraqi security forces. "This struggle is theirs to win," Odierno said. But doubts remain as to whether they can. Odierno's No. 2, Lieut. General Lloyd Austin, said on Monday that he wasn't "sure that pushing [Iraqi security forces] forward is the right thing that we want...
...firecrackers that crackled in the plaza of the central city of Morelia late Monday in celebration of Mexico's independence day served as a prelude to a nastier set of explosions. When the smoke cleared, more than 100 revelers lay bleeding on the paving stones. The clearly stunned state governor Leonel Godoy, who had moments earlier been presiding over the festivities, declared the attack the work of Mexico's increasingly violent drug gangs. By Tuesday, as annual parades marched somberly through the Mexican cities, at least eight victims of the blast had died from their wounds, and several more were...